According to U.Today, Mt. Gox, the infamous cryptocurrency exchange that suffered a massive hack in 2011, has announced plans to start repaying its customers in Bitcoin and Bitcoin Cash from July 2024. The repayment comes over a decade after the hack, which resulted in the loss of approximately 700,000 BTC and led to the exchange's bankruptcy and closure in 2014. Mt. Gox trustee Nobuaki Kobayashi stated that repayments would be made in collaboration with multiple crypto exchanges, emphasizing that the group has taken time to ensure 'safe and reliable repayment to creditors.' The release of these funds could potentially exert significant selling pressure on Bitcoin, which is currently struggling to maintain its price above key levels.
In other news, as June ends, July is anticipated to bring more optimistic price behavior for the XRP token. Data from CryptoRank's price history shows that July has been particularly bullish for XRP over the past four years. Since 2020, the minimum return on investment for the token in July was 6.91%, and the maximum was 48.1%. However, the five years preceding 2020 were not as bright, resulting in an average return on investment in XRP for every July since the token's launch of 5.56%. The median, a more accurate indicator, signals an almost neutral gain of 0.07%. Thus, based on historical data, XRP is expected to at least maintain its value, if not grow, in the coming month.
Lastly, Jan3 CEO and prominent Bitcoin enthusiast Samson Mow has predicted that Bitcoin will reach $1 million within the next year. Mow, known for his long-term bullish Bitcoin price predictions, believes this scenario will come to life as a result of 'Omega candles' or 'Godzilla candles.' His certainty is likely due to the approval of spot Bitcoin ETFs in January and the fourth Bitcoin halving that occurred in late April. Following the SEC's approval of ETFs, massive BTC accumulation began. Mow stated that spot ETFs would create a Bitcoin demand shock, and predicted that Bitcoin will soar to $1 million once the demand shock meets the supply shock.